MIRA INFORM REPORT

Report No. :	302875
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	VANYA STEELS PRIVATE LIMITED
Registered Office :	A-9/2, MIDC Taloja Industrial Estate, Taloja, District Raigad, Raigad – 410 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.2005
Com. Reg. No.:	11-154080
Capital Investment / Paid-up Capital :	Rs.54.173 Millions
CIN No.: [Company Identification No.]	U27100MH2005PTC154080
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMV12796A
PAN No.: [Permanent Account No.]	AACCV0767E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of Sponge Iron.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financial for the year 2014 with the government department. As per available financial of 2013, The company has incurred a loss from its operations. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Working Capital Limited = B-
Rating Explanation	Have high risk of default
Date	March 2014

Rating Agency Name	ICRA
Rating	LC/BG Limits = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	March 2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Ajay Lathi
Designation :	Accounts Finance Manager
Contact No.:	91-731-2520530
Date :	13.01.2015

LOCATIONS

Registered Office :	A-9/2, MIDC Taloja Industrial Estate, Taloja, District Raigad, Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-27410388
Fax No.:	Not Available
E-Mail :	roc_work@hotmail.com vanyasteels.indore@yahoo.com
Administrative Office/ Corporate Office :	LG-11B, Silver Sanchora Castle, 5/3, R.N.T. Marg, Indore - 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2520530
Fax No.:	91-731-4017493
Factory :	Village Hirebangnal, Kasangandi Road, District Koppal, Karnataka, India
Tel. No.:	91-8539-264110/ 264111
Branch Office :	# Door No.10, 100 Bed Hospital Road, Amaravathi, Hospet, Karnataka, India
Tel. No.:	91-8394-224565
Fax No.:	91-8394-224565

DIRECTORS

As on. 30.09.2013

Name :

Mr. Mudit Rajendra Prasad Goel

Designation :

Director

Address :

27, Old Vijay Nagar Colony, Agra, Uttar Pradesh, India

Date of Birth/Age :

14.11.1972

Date of Appointment :

20.06.2005

DIN No.:

00376769

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1998PTC092295	SMT INTERNATIONAL PRIVATE LIMITED	Director	01/06/1998	01/06/1998	-	Under Process of Striking off	NO
2	U27100MH2005PTC154080	VANYA STEELS PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO

Name :

Mr. Vishwanath Khandelwal

Designation :

Director

Address :

201, Lucky Plaza, 8, Indrapuri Colony, Indore – 452 017, Madhya Pradesh, India

Date of Birth/Age :

01.11.1956

Date of Appointment :

20.06.2005

DIN No.:

00364359

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mudit Goel	2487141
Ajay Krishna Goyal	66667
Pawan Gupta	1
Charu Goyal	463333
Bhavna Goel	142500
SMT International Private Limited, India	21666
Bhavna Goel	898500
Aditi Shahra	228500
SD Collections Private Limited, India	200166
SDM Marketing Private Limited, India	199500
Santosh Shahra HUF	196000
Vishesh Shahra	233334
Ushadevi Shahra	220000
Rajendra Prasad Agarwal	60000
Total	5417308

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	7.78
Directors or relatives of Directors	88.60
Other top fifty shareholders	3.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing of Sponge Iron.
Products :	Sponge Iron Char/Stone Sales Coal Fines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	31.03.2013
Sponge Iron
Installed Capacity	60000 MT
Actual Production	29570 MT

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Information declined by Management

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term Loan From Bank	100.231	98.352
Short Term Borrowing
Working Capital loans from banks	46.463	49.872
Total	146.694	148.224

Auditors :
Name :	Gandhi Dhakad Gupta and Company Chartered Accountants
Address :	508, Chetak Centre, 12/2, R.N.T. Marg, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2518518/ 3043518
Fax No.:	91-731-3043518
Income-tax PAN of auditor or auditor's firm :	AABFG3700E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on. 30.09.2013

Authorised Capital : Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 63.543 Millions

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs. 10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5417308	Equity Shares	Rs. 10/- each	Rs.54.173 Millions

As on. 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs. 10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5417308	Equity Shares	Rs. 10/- each	Rs.54.173 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	54.173	53.377	44.039
(b) Reserves & Surplus	147.533	160.215	163.925
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	201.706	213.592	207.964
(3) Non-Current Liabilities
(a) long-term borrowings	116.931	98.352	98.352
(b) Deferred tax liabilities (Net)	0.000	0.000	15.113
(c) Other long term liabilities	0.251	0.447	0.385
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	117.182	98.799	113.850
(4) Current Liabilities
(a) Short term borrowings	56.463	49.872	49.423
(b) Trade payables	126.163	133.460	117.823
(c) Other current liabilities	19.712	10.274	31.489
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	202.338	193.606	198.735
TOTAL	521.226	505.997	520.549
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	263.672	281.126	289.159
(ii) Intangible Assets	2.472	2.635	2.799
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	4.891	2.921	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	271.035	286.682	291.958
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	192.457	175.989	200.736
(c) Trade receivables	30.645	20.014	18.192
(d) Cash and cash equivalents	13.341	11.258	2.308
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	13.748	12.054	7.355
Total Current Assets	250.191	219.315	228.591
TOTAL	521.226	505.997	520.549

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales and Other Income	559.085	517.057	330.850
		TOTAL	559.085	517.057	330.850
Less	EXPENSES		576.920	576.155	341.719
	PROFIT BEFORE TAX		(17.835)	(59.098)	(10.869)
Less	TAX		(1.970)	(18.034)	(2.711)
	PROFIT AFTER TAX		(15.865)	(41.064)	(8.158)
	Earnings Per Share (Rs.)		(0.29)	(0.75)	(0.15)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Total Income	(%)	(2.84)	(7.94)	(2.47)
Operating Profit Margin (PBDIT/ Sales)		(3.19)	(11.43)	(3.29)
Return on Total Assets (PBT/Total Assets}	(%)	(3.45)	(11.75)	(2.09)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.28)	(0.05)
Debt Equity Ratio (Total Debt /Networth)		0.86	0.69	0.71
Current Ratio (Current Asset/Current Liability)		1.24	1.13	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	44.039	53.377	54.173
Reserves & Surplus	163.925	160.215	147.533
Net worth	207.964	213.592	201.706
long-term borrowings	98.352	98.352	116.931
Short term borrowings	49.423	49.872	56.463
Total borrowings	147.775	148.224	173.394
Debt/Equity ratio	0.711	0.694	0.860

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	330.850	517.057	559.085
		56.281	8.128

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	330.850	517.057	559.085
Profit	(8.158)	(41.064)	(15.865)
	(2.47%)	(7.94%)	(2.84%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE

Your Company’s Turnover is increased to Rs.559.085 Millions as compared to Rs. 517.057 Millions of previous year. The Company’s profit before tax of Rs.(17.835) Millions and profit after tax was Rs. (15.865) Millions during the year under review.

UNSECURED LOAN

(Rs. In Millions)

PARTICULAR	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Other loans and advances	16.700	0.000
Short Term Borrowing
Other loans and advances	10.000	0.000
Total	26.700	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10371803	20/06/2014 *	324,500,000.00	State Bank of Patiala	Mid Corporate Branch, Orbit Mall, A. B. Road, Ind  ore, Madhya Pradesh - 452010, INDIA	C23349723

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery - I

· Plant and Machinery - II

· D.G. Set

· Caterpiller - 424

· Loader Z2021

· Vehicle

· Office Equipment

· Furniture

· Computer

· Technical Knowhow

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.94.09
Euro	1	Rs.73.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
RBI	YES/NO	NO
EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.